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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Schedule of Maturities
The following table presents the Company’s schedule of maturities at September 30, 2017 and December 31, 2016:
 
 
  
Maturities as of
September 30, 2017
  
Maturities as of
December 31, 2016
 
  
1 Year or
Less
  
Greater than 1
Year
  
1 Year or
Less
  
Greater than
1 Year
 
Municipal bonds
 
$
1,460,078
  
$
-
  
$
6,967,954
  
$
586,074
 
Corporate bonds
  
43,880,944
   
6,472,487
   
30,418,120
   
2,936,287
 
Certificates of deposit
  
2,825,561
   
244,709
   
6,868,788
   
249,019
 
Total
 
$
48,166,583
  
$
6,717,196
  
$
44,254,862
  
$
3,771,380
 
Fair Value Assets Measured on Recurring Basis
The following tables present the Company’s fair value hierarchy for these financial assets as of September 30, 2017 and December 31, 2016:
 
September 30, 2017
Type of Instrument
 
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
                  
Cash equivalents
Institutional Money Market
 
$
3,565,530
  
$
3,565,530
  
$
-
  
$
-
 
                  
Investments
Municipal Bonds
  
1,460,078
   
-
   
1,460,078
   
-
 
                  
Investments
Corporate Bonds
  
50,353,431
   
-
   
50,353,431
   
-
 
                  
Investments
Certificates of Deposit
  
3,070,270
   
3,070,270
   
-
   
-
 
 
December 31, 2016
Type of Instrument
 
Fair Value
  
Level 1
  
Level 2
  
Level 3
 
              
Cash equivalents
Institutional Money Market
 
$
2,290,331
  
$
2,290,331
  
$
-
  
$
-
 
                  
Investments
Municipal Bonds
  
7,554,028
   
-
   
7,554,028
   
-
 
                  
Investments
Corporate Bonds
  
33,354,407
   
-
   
33,354,407
   
-
 
                  
Investments
Certificates of Deposit
  
7,117,807
   
7,117,807
   
-
   
-
 
Summary of Stock Option Activity
A summary of our stock option activity during the nine months ended September 30, 2017 is presented below:
 
  
Shares
  
Weighted
Average
Exercise
Price
  
Weighted
Average
Remaining
Contractual
Term
  
Aggregate
Intrinsic
Value
 
Outstanding at December 31, 2016
  
297,000
  
$
20.14
   
3.10
  
$
10,561,380
 
Grants
  
-
   
-
   
-
   
-
 
Exercised
  
(20,000
)
  
12.91
   
-
   
-
 
Forfeitures or expirations
  
-
   
-
   
-
   
-
 
Outstanding at September 30, 2017
  
277,000
  
$
20.66
   
2.49
  
$
7,162,770
 
Exercisable at September 30, 2017
  
242,000
  
$
18.90
   
2.20
  
$
6,683,370